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LEASES
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
LEASES

Note 14—LEASES

Effective January 1, 2019, the Company adopted ASC 842 “Leases”. Currently, the Company has operating leases on three of its facilities that are accounted for under this standard. As a result of this standard, the Company recognized a right-of-use asset and a lease liability of $3.1 million, respectively. During the twelve-month period ended December 31, 2020, the Company made cash payments in the amount of $292.2 thousand for operating leases and the lease liability was reduced by $152.1 thousand. The lease expense recognized during the twelve-month period ended December 31, 2020 amounted to $323.0 thousand. The weighted average remaining lease term as of December 31, 2020 is 15.78 years and the weighted average discount rate used is 4.21%. The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2020 are as follow:

 

(Dollars in thousands)        
2021   $ 298  
2022     303  
2023     309  
2024     282  
2025     222  
Theraeafter     2,978  
Total undiscounted lease payments   $ 4,392  
Less effect of discounting     (1,278 )
Present value of estimated lease payments (lease liability)     3,114